The Latest RICS Residential Market Survey
The latest RICS Residential Market Survey on the UK property market showed that there had been an increase activity in the housing market in March in both the numbers of fresh listings and new buyer enquiries for the first time since the pandemic.
However, the average number of properties on estate agent’s books remain low with respondents reporting that the number of agreed sales remained on the same upward trajectory in as previously in February.
Property sales expectations for the next three months stay positive with a moderate rise anticipated by 16% of the respondents.
Even though more houses are being listed this is not showing in a reduction in price as house prices are continuing to rise. 74% of Respondents said there had been a rise in house process with the highest price increases being in Northern Ireland, the North of England, and Wales.
30% of Respondent anticipate house prices continuing the upward trend over the next three months and 65% of Respondent anticipate similar over the next twelve-month period. The survey results showed an expectation by respondents that there will be around a 4% annual increase in house prices over the next five years.